18 Jan How to Build Your Emergency Fund in Just 12 Weeks
Having an emergency fund in place allows you to handle unforeseen financial needs and improves your financial security.
It’s one of your New Year’s resolutions to create an emergency fund.
If you are one of those people who haven’t built their emergency fund yet because:
- You just got enough money for your monthly expenses
- You don’t really see the need
- You have no idea where to start
- You’re clueless how to start saving for one
Whatever your reasons are, you have to allot a budget to build your emergency fund. Life has a way of ruining your budget whether it be a plumbing issue or an unexpected medical bill. Unforeseen circumstances seem to always get in our lives so having an emergency fund set aside is a logical and smart move.
I am sharing with you an easy and quick guide to kick off your emergency fund-building. This is a 12-week plan where it helps you save at least $1000. Ideally, the emergency fund should be 3 to 6-month worth of your monthly expenses, but since you are just starting, let’s take it one step at a time and try a more realistic method. Once you get the hang of saving, you’ll be able to increase the amount and have an “authentic” emergency fund in place.
If you need further help or you still have some questions, please feel free to contact me on 0408 081 082. Start building your emergency fund today!
Credit Representative (486927) is authorised under Australian Credit Licence 389328.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.